Terry Eagleton in praise of Marx

Terry Eagleton defends Marx's legacy in the Chronicle of Higher Education, answering many of the usual tropes and explaining why the financial crises have prompted a resurgence of interest in the questions raised by Marx's thought:

The truth is that Marx was no more responsible for the monstrous oppression of the communist world than Jesus was responsible for the Inquisition. For one thing, Marx would have scorned the idea that socialism could take root in desperately impoverished, chronically backward societies like Russia and China. If it did, then the result would simply be what he called "generalized scarcity," by which he means that everyone would now be deprived, not just the poor. It would mean a recycling of "the old filthy business"—or, in less tasteful translation, "the same old crap." Marxism is a theory of how well-heeled capitalist nations might use their immense resources to achieve justice and prosperity for their people. It is not a program by which nations bereft of material resources, a flourishing civic culture, a democratic heritage, a well-evolved technology, enlightened liberal traditions, and a skilled, educated work force might catapult themselves into the modern age ...

There is a sense in which the whole of Marx's writing boils down to several embarrassing questions: Why is it that the capitalist West has accumulated more resources than human history has ever witnessed, yet appears powerless to overcome poverty, starvation, exploitation, and inequality? What are the mechanisms by which affluence for a minority seems to breed hardship and indignity for the many? Why does private wealth seem to go hand in hand with public squalor? Is it, as the good-hearted liberal reformist suggests, that we have simply not got around to mopping up these pockets of human misery, but shall do so in the fullness of time? Or is it more plausible to maintain that there is something in the nature of capitalism itself which generates deprivation and inequality, as surely as Charlie Sheen generates gossip? ...

Why might Marx be back on the agenda? The answer, ironically, is because of capitalism. Whenever you hear capitalists talking about capitalism, you know the system is in trouble. Usually they prefer a more anodyne term, like "free enterprise." The recent financial crashes have forced us once again to think of the setup under which we live as a whole, and it was Marx who first made it possible to do so. It was The Communist Manifesto which predicted that capitalism would become global, and that its inequalities would severely sharpen. Has his work any defects? Hundreds of them. But he is too creative and original a thinker to be surrendered to the vulgar stereotypes of his enemies.